Refco Meltdown fka RFC

[gaboracs]

When this stock reopens will it go up or down? Or will it reopen at all?

http://finance.yahoo.com/q?s=RFX

Refco Inc. said on Friday that it's unwinding trades at its broker-dealer unit, a day after the commodities and financial-markets broker shut its capital-markets unit in the midst of a scandal.

http://www.marketwatch.com/tools/quotes/detail.asp?view=detail&symb=RFX

Before this week, Refco Inc. wasn't a household name.

But now the possible collapse of the largest independent commodities and futures broker in the U.S. has top investment banks, regulators and exchanges scurrying to save a company that's quietly become an integral part of the nation's financial markets.


Liberty Corner Capital Sued in Refco Investor Lawsuit Filed by Shalov Stone & Bonner LLP
Friday October 14, 7:02 pm ET


NEW YORK, NY--(MARKET WIRE)--Oct 14, 2005 -- Shalov Stone & Bonner LLP commenced a securities class action on behalf of purchasers of the securities of Refco, Inc. (NYSE:RFX - News), in the period between August 10, 2005, and October 7, 2005.
ADVERTISEMENT


While several other law firms have recently filed class action lawsuits against Refco, it is believed that Shalov Stone & Bonner LLP has brought the only case naming as a defendant Liberty Corner Capital, a New Jersey-based hedge fund.


http://biz.yahoo.com/iw/051014/098049.html


Prices Make Biggest Jump in 25 Years
Friday October 14, 5:48 pm ET
By Martin Crutsinger, AP Economics Writer
Consumer Prices Surged in September by Biggest Amount in 25 Years, Spurred by Soaring Energy Prices


WASHINGTON (AP) -- Consumer prices soared last month by the biggest amount in a quarter-century, propelled by Hurricanes Katrina and Rita and the record gasoline costs in their wake. The storms caused industrial production and consumer confidence to plunge, raising new worries about the economy's ability to bounce back.


http://biz.yahoo.com/ap/051014/economy.html?.v=20


Thus, let the blood out through shaky companies such as Refco and Delphi...plus the airlines in Banko...and you have about 200 billion in capital disappearing back into thin air from whence it all originated

What a mess you are leaving behind Mr. Greenspan! And no one will know you were the architect.


Federal Deficit Below Last Year's Record
Friday October 14, 10:13 pm ET
By Andrew Taylor, Associated Press Writer
Federal Budget Deficit at $319B, Down From Last Year's Record, but Sure to Go Up After Storms


WASHINGTON (AP) -- The federal deficit hit $319 billion for the budget year just ended, down from last year's record red ink though a surge in Katrina-driven spending threatens to drive it up again.
The improvement from the record $413 billion recorded in the 2004 budget year, which the Treasury Department reported on Friday, is largely due to a surge in federal revenues from an improving economy.


http://biz.yahoo.com/ap/051014/federal_deficit.html?.v=9


IMM specs grow biggest net short yen position in 6 yrs
Fri Oct 14, 2005 04:16 PM ET
NEW YORK, Oct 14 (Reuters) - Speculators in IMM yen futures grew the biggest net short position in six years during the trading week ending Oct. 11, data released on Friday showed.
Speculators extended the net short yen position to 66,035 contracts, the biggest since May 1999, from a net short position of 63,299 contracts reported in the previous week.

Being "short" a currency is effectively a bet that it will weaken, while "long" positions are bets that a currency will strengthen.

"It is pretty striking that the net short yen position is the biggest in six years and that was before dollar/yen rose above 115 yen, and probably the position became even more extended", said Richard Franulovich, senior currency strategist with Westpac Banking Corporation in New York.

The dollar rose to a two-year high above 115 yen on Thursday.


Refco: What It Does, Why It's in Trouble
Friday October 14, 5:06 pm ET
A Scorecard on Refco: What It Does and Why It's in Trouble


NEW YORK (AP) -- The scandal at Refco Inc. has dominated the news this week, but it's still confusing to many market-watchers. In part, that's because Refco operates in a portion of the market many investors never see, and also, because it's hard to tell the different "Refco" entities apart without a scorecard.

http://biz.yahoo.com/ap/051014/refco_explainer.html?.v=2


NEW YORK, Oct 14 (Reuters) - Man Group's (EMG.L: Quote, Profile, Research) brokerage unit has expressed interest in buying the futures business of embattled U.S. brokerage Refco Inc. (RFX.N: Quote, Profile, Research) , according to a source familiar with the matter.

Man Financial, a unit of the world's largest publicly traded hedge fund, is the major rival to Refco in global futures trading.

Refco, the New York-based commodities and futures brokerage, began shutting down its main business on Friday as fraud charges against the former chief executive threatened to topple the largest U.S. independent commodities brokerage.